We're done for the day. We're now closing 90% of the earlier trade and moving the stop to entry as we don't want to hold much of it overnight. We've banked enough on it and now it's risk free. Well done to those who followed, we would suggest you do the same.

Nice start to the week. See you tomorrow!

Knights of Gold

We're going to stick with the ideal we shared yesterday. 1729 is acting as a minor support which is a good sign. We do however need 1735 to break for this to give us our initial target of 1742 and then potentially higher.

We have FOMC tomorrow so the market might be ranging tightly like this until then.

Support:

1729
1720
1702

Resistance:

1735
1745-55
1770

Dear members. There is also a group chat (pinned message with the link) for anyone who would like to join. No obligation to join the chat group. It's handy if you enjoy discussing your analysis and ideas with other like minded people.

💥 Trade complete

We're done for the day. Back tomorrow for the main event. We'll give our analysis and views as to potential moves before hand. Unless we get anything major for the remainder of the session we should range in this area with a bottom of 1720 and high 1740.

FOMC 18:00GMT

Gold opened with positive momentum during the Asian session. We would suggest you monitor any trades you have open for the rest of the day as the market will be waiting for the FOMC minutes later today. Ideally, if you're not in any trades then stay out of the market until after the FOMC meeting, once the market has settled you'll get better, clearer opportunities. We're expecting there to be volatility during and after the release, especially during the press conference.

We're not in any trades apart from the longs we're holding from below. We'll update you later today and closer to the time with our trade idea and analysis as we'll be looking for clues.

Support:
1730
1720 - Below this negative
1714
1707

Resistance:
1734
1739
1747
1765

FOMC:

This is what we're hoping for. Whether it plays this way or not no one can predict. We're looking for higher pricing but want to get a good entry for a long. Support levels have been given on this mornings analysis. We're looking for a first destination of 1720 and below that 1708 levels. We will be looking for STRONG support here and an indication the market is going to turn before we enter.

The box shows the range the market can move in during and after the event. IF WE DON'T GET STRONG SUPPORT we will not enter!!

This could quite easily go the opposite way straight away in which case we'll wait for tomorrow once the market has settled.

We would strongly suggest you don't trade this unless you have over a years trading experience. Always use sensible stop losses and manage your lot sizes according to your account size.

NOTE:

This is not a signal. Just an idea of what we think is going to happen. If we get a good entry on pullback or retracement we will share it with you.

Level we want to hit is 1740. Lets see how it plays out

1740. Lets wait and see

We're not shorting it yet

Highlights so far from Fed Chair Jerome Powell's press conference

• Some of the very worst economic outcomes have been avoided thanks to policy actions
• No one should be complacent
• We will continue to provide support for as long as needed
• Monetary policy will provide significant support until the recovery is complete
• Vaccines offer hope of more-normal conditions later this year
• Housing sector has more-than recovered, business investment has also picked up
• Recovery has progressed more quickly than generally expected
• Notes that forecasts have been revised up notably
• Says unemployment rate understates progress in the economy

Lets wait for the next candle. We're looking for it to wick out here and we'll test the short with a small lot

No rejection. Volume is strong. We'll wait

Welcome to all the new members of the group. Please go through the messages here for the weeks analysis and our views on the market.

We're done for the day. Long day which included a power cut just before FOMC so everyone was running off their phones. We're not ready to short this yet, please refer to the previous analysis where we said we were looking for higher pricing in Gold. We got our 1740 again. Excalibur is suggesting the 1760-77 level but it's not confirmed yet. Something we're going to keep an eye on and a potential target as well as an opportunity to catch this down. For now we wish everyone a good evening, see you tomorrow.

Knights of Gold.

Daily:

Gold hit our level of 1740 and 1753 as mentioned lastnight. The chart shows the trend on the daily, you can see we've rebounded from the trendline. Although trend lines can be a bit hit and miss they seem to be working well recently. Our level below to watch out for is 1731, breaking that we should see more bearish pressure on gold.

Excalibur has given us an indication that the price can go higher, we're monitoring this over the day. The level higher we're looking for is 1757 and 1770. We want to see some exhaustion on the hourly before we decide what to do, this also depends on the mentioned levels acting as strong support.

Todays plan:

We're thinking this still has room to go higher one more time before a larger drop breaking the 1700 level. We're looking at the following levels:

Support:
1731
1729
1723

Resistance:
1741
1746
1757
1775

The H&S pattern is near enough complete so the price should start showing signs of exhaustion around the support levels. We want to test the long at some point today which we will share with you once we see signs of a reversal.

This is what we're looking at on the hourly. We want to slowly scale in to this trade with small lots and strict stops. If it breaks 1723-1717 its going further down!!

If you follow please ensure you're sensible with your lot sizes and do so at your own risk.